The Twelve Days of Christmas

It's Macro Man's last day in the office of the year, and hence time for a bit of holiday fun. While Macro Man hasn't the energy to concoct anything this morning, at least he can pass along the tune that the fellow next to him was humming on the train this morning.....

On the first day of Christmas, the market sent to me,A huge loan from Ben Bernanke.

On the second day of Christmas, the market sent to me,Two year swap spreads andA huge loan from Ben Bernanke.

On the third day of Christmas, the market sent to me,Three French banks,Two year swap spreads, andA huge loan from Ben Bernanke.

On the fourth day of Christmas, the market sent to me,Four margin calls,Three French banks,Two year swap spreads, and A huge loan from Ben Bernanke.

On the fifth day of Christmas, the market sent to me,FIVE YEAR GOLDMAN CDS!Four margin calls,Three French banks, Two year swap spreads, and A huge loan from Ben Bernanke.

On the sixth day of Christmas, the market sent to me,Six banking bailouts,FIVE YEAR GOLDMAN CDS!Four margin calls, Three French banks, Two year swap spreads, and A huge loan from Ben Bernanke.

On the seventh day of Christmas, the market sent to me,Seven day workweeks,Six banking bailouts,FIVE YEAR GOLDMAN CDS! Four margin calls, Three French banks, Two year swap spreads, and A huge loan from Ben Bernanke.

On the eighth day of Christmas, the market sent to me,Eight percent sell-offs,Seven day workweeks,Six banking bailouts, FIVE YEAR GOLDMAN CDS! Four margin calls, Three French banks, Two year swap spreads, and A huge loan from Ben Bernanke.

On the ninth day of Christmas, the market sent to me,Nine dancing ladies (until the entertainment budget was canceled),Eight percent sell-offs,Seven day workweeks, Six banking bailouts, FIVE YEAR GOLDMAN CDS! Four margin calls, Three French banks, Two year swap spreads, and A huge loan from Ben Bernanke.

On the tenth day of Christmas, the market sent to me,Ten bp T-bill yields,Nine dancing ladies,Eight percent sell-offs, Seven day workweeks, Six banking bailouts, FIVE YEAR GOLDMAN CDS! Four margin calls, Three French banks, Two year swap spreads, and A huge loan from Ben Bernanke.

On the eleventh day of Christmas, the market sent to me,Eleven ABX marks,Ten bp T-bill yields,Nine dancing ladies, Eight percent sell-offs, Seven day workweeks, Six banking bailouts, FIVE YEAR GOLDMAN CDS! Four margin calls, Three French banks, Two year swap spreads, and A huge loan from Ben Bernanke.

On the twelfth day of Christmas, the market sent to me,Twelve hedge funds closing,Eleven ABX marks,Ten bp T-bill yields, Nine dancing ladies, Eight percent sell-offs, Seven day workweeks, Six banking bailouts, FIVE YEAR GOLDMAN CDS! Four margin calls, Three French banks, Two year swap spreads, and....

A huge loan from Ben Bernanke.

While Macro Man will not return to the office until January, he'll continue to offer occasional thoughts in this space over the Christmas period. He wishes all readers a happy holiday season and a prosperous new year.